13 Sep INTRODUCING OLIVE, THE REGION’S FIRST ARTIFICIAL INTELLIGENCE SYSTEM IN THE RETAIL INDUSTRY.
Artificial intelligence has gained huge popularity thanks to its usefulness in personalization and automation of processes across different industry. It’s no doubt that AI is gradually taking the center stage in most of our technological advancements globally. Its fast adoption can be related to its ability to analyze vast pools of data and generate meaningful insights while learning from its environment and patterns in a growing data pool.
Introducing Olive, the new Artificial Intelligence system developed by Kiosk Outlet Stores, a local retail franchise company based in Nakuru that seeks to revolutionize the regional shopping experience by providing an easier, more effective way of operating our dukas commonly known as kiosks.
Olive-the AI system is named after Olive Gachara, the publisher and CEO of COUTURE Africa Limited (Couture Africa Magazine Media House). She is also an angel investor on Lions’ Den – a business reality show currently airing on KTN. In addition, she is an image and brand consultant operating the brand Image with Olive Consultancy. The consultancy firm offers communication skills, personal branding, etiquette and professional image services to businesses and individuals across the region.
The system is fully developed to perform various activities in relation to the retail industry setup and impact its general productivity. Some of its main functions include:
- a) Trend forecasting
Olive has the ability to study patterns on data captured over specific durations and draw unbiased conclusions that aid in understanding current shopping trends among our customers based on seasons, product availability and pricing.
- b) Sentimental Analysis
Through the use of facial recognition and cognitive computing, Olive will be able to provide huge data set analysis that will make near accurate sense of shoppers reviews basing on their facial expressions, audio recordings and documented records.
- c) Supply chain management
By taking control of our supply chain management, Olive, the AI system helps us understand our customers’ demands and shopping preference. These gives way to effective management of all the units’ stocking and replenishment process that includes inventory management, deliveries, returns and expires.
- d) Product recommendation
Through studying the various customer buying patterns and products attributes, Olive offers our shoppers personalized highly targeted products recommendations upon request. The recommendations are in relations to their shopping frequency and other personal attributes.
- e) Price prediction
Olive will play a key role in determining the best products prices by analyzing various factors ie Seasons and products demand.
- f) Defaulter detection and prevention
Being a franchise business, Kiosk Outlet Stores will rely mostly on Olive for qualified analysis on the Kiosks performance and general profitability. The system will automatically generate useful data that will aid arrest any dynamics that may lead to losses or poor stores performance.
- g) Automated product tagging
The use of computer vision technology will empower our artificial intelligence system to process and analysis digital images in our kiosks. These will make it easier for Olive to conduct product tagging, stock checks and stock control thus leading more accountability.
Olive is a brilliant system that will definitely aid in our regional expansion plans in our quest to impact our shoppers’ retail experience. The shopping revolution has just begun, don’t be left out.